Accounting for Accounts Receivable - Trade

Recognition and Recording of Accounts Receivables

Process Sub-Process Activity Responsible Output

Recognition and recording of Reconciliation of EOD and GSR Provide Accounting with EOD Report SOD / Service Processing Associate End of the Day Report
Accounts Receivables (SPA)

Review the accuracy of entries in the Accounting - Manila / AR Associate

EOD. Generated GSR Report from IT
Department by agents ID and tie-up per
Compare the entries in GSR and EOD batch
report.

Return the EOD report to SPA for

reconciliation and revision within the
same day in case of discrepancy of
entries.

Take note of valid floats in transaction

count and transaction amount (due to
cancellation).

Determine the net settlement amount of

foreign currencies available for trading.
Provide a copy to the International
Treasury Department.

Forex Rates Update/extract individual AR ledger of AR module for Middle East and GSR
remittance agents/tie ups and foreign for FO.
offices in the AR Module.

Email to the International Treasury for Trading Advice

the Trading Advice.

Coordinate correction on rates with IGPS

International Treasury and/or CCCS, if
applicable.

Credited Funds Provide report on credited funds and Marketing Officer & Proof of Deposits
proof of deposits to AR Associate. FO Accounting Associate

TINGSON, JENNIFER G. 10/03/2019

Accounting for Accounts Receivable - Trade

Receive report on credited funds from Accounting - Manila / AR Associate

agents and foreign offices.

Confirm bank credit items with Cash

Accountant.

Update the AFS with the credit items

confirmed with Cash Accountant.

Determine the sufficiency of funds

advanced by agents.

Recording on the Books Inform the Marketing Officers for any

shortage in agent's fund.

Prepare the accounting entries for

remittance transactions.

Sets up account receivable from agent. AR Consolidation Reports

Check the accuracy of accounting Accounting - Manila / AR Associate Eric Accounting System
entries. Supervisor

Sign and review the remittance Remittance Vouchers

vouchers.

Send the vouchers to the Comptroller

for approval and signature.

Approve/disapprove the vouchers. Comptroller Approved Remittance Vouchers

Recording on the General Ledger Posting of approved remittance AR Unit Head Posted Remittance Vouchers
vouchers on the Eric Accounting
System

TINGSON, JENNIFER G. 10/03/2019